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Your World With Neil Cavuto

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Nancy Pelosi 5, Texas 5, Perry 4, Washington 3, Verizon 2, Biden 2, Johnson 2, At&t 2, George W. Bush 2, Obama 2, Cliff 2, San Antonio 2, U.s. 2, G.m. 1, Lg 1, Soros 1, Mitchell 1, Bob 1, Huckabee 1, Mcconnell 1,
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  FOX News    Your World With Neil Cavuto    News/Business. Money tips  
   from Wall Street. New. (CC)  

    July 7, 2011
    4:00 - 5:00pm EDT  

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just for you. >> i will not get into specifics about what went on in the room. >> public meeting over, time for secret talks to begin. welcome, everyone, this is "your world." the debt talks drag on and are taxpayers being kept in the dark? >> we will have meetings i will not tell you about. we are trying to get a deal done. we don't read out every meeting he has. >> the white house is saying get used to it. the spokesman is saying "we're in the going into specific meetings because we believe that is the right approach to increase chances of an agreement." with reports up to $1 trillion in new tax revenues, or tax hikes, all on the table don't taxpayers have a right to know? republican senator johnson of wisconsin calling this secret
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process "disgusting." and a tea party activist agrees. are the leaders just in the giving specifics and this is the greatest concern? >>guest: it's the fact that the president ran on the issue of transparency and that's no longer a priority. i expect transparency from the administration but taxpayers, they work for us and this is our money, chris. this is the problem. so we're asking for this from this administration and we are saying, what are the republicans doing going behind the closed doors. >> but you have to agree to get an agreement done you have to have the leaders in place, small group, and they will take that to their constituents and those republican senators or congressmen can take to their constituents. it is tough enough to get an
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agreement with eight people much less 508 people in the room. >>guest: i understand but these people work for us. this is our money. this is like telling the c.e.o. of your company that you work for, no, i'm sorry, you don't get to be in the meetings, they are closed door. no, this is our money, they work for us, we deserve to know. >> do you not feel senators mcconnell and kyl have the best interest of the republican party of the conservatives in mind? >>guest: i want to see what is going on and i will let you know what i think. how can i know when this is taking place behind closed doors. think become to this: remember when they crucified president bush over the no new taxes campaign promise and this president has not had transparency since the campaign days.
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he took money from soros, he had health care meetings, he did libya without our authorization, and the only thing he has done publicly are the beer summits. and that is in the too impressive. >> down the pike here from nancy pelosi, saying we're not going to balance the budget open the backs of seniors, women, and people with disabilities. i never heard that before. and on the heels of the white house saying they were open to including entitlements. the big problem is each day we get a misinformation from both sides of the aisle. >>guest: that's why i said, and i have a radio show and i hear people saying we are not just demanding those things of this president. we demand these things of the republican side. this is what they have to understand. we're not stupid. the politicians in washington,
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dc, republican or democrat, need to get over thinking they can act like we're stupid. really solid reason could prevail to they let us in the conversations. i believe that. >> always good to that with you, thank you, gina. the president is open to cutting social security with the white house saying this is nothing new here. house minority leader cantor open to cutting tax loopholes. are you confused? you are not alone. from hill.com, bob, we were just talking, nancy pelosi is a perfect example and he is in the alone and it is not just the democrats. i always get news countering the news i got yesterday afternoon of where we stand and who is talking about what. >>guest: when in washington someone says there is in news, well there is news.
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the white house leaked out the threated idea of making major changes to social security and democrats grabbed the "washington post" and "new york times" and we are like, what is going on, this could be negotiating ploy. there are games being played. republicans are saying, today, unless we have a deal by monday there will not be a deal because of that openness, transparency, we need time to review it. there are a lot of games going on and it will be a roller coaster ride. >> do you agree with senator johnson who feels like he is being kept in the dark? the media knows more than i do. that is part of the problem, the members are getting the information from the media and they are caught by surprise? >>guest: last congress you had health care reform talks and back room deals and criticism of
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that and now both parties are in the back rooms but at the same time a lot of the rank and file members, the tea party law parties are saying, what is going on? but they are going to have time to review this and that is where it will be difficult, i think, to get the votes. there has been optimism from the white house and republican leaders but they are trying to soothe wall street who is getting nervous and jittery and it will be very, very difficult to get the votes to pass whatever they come up with. >> do you think the white house is open to cutting medicare significantly, to cutting social security despite what nancy pelosi is saying? do you think the republicans are okay with some of the tax breaks, getting rid of some of the tax breaks on the charity? are we closer if these areas? >> i don't think so. there is a lot of spin. the republicans are saying we will close tax loophole if you use the revenue to cut taxes in
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another area. we need a revenue neutral deal and cutting government spending. i don't think president obama is going to go along with cutting social security benefits or medicare benefits unless republicans say, okay, we're open to tax increases. i don't think that will happen. that is why they are so far away and why the biden talks collapsed. they are a long way appear and that is why to weekend is crucial, they have to get in a room for hours on end and strike a deal. they are a long way off. >> they will do this on sunday? >>reporter: they hope to meet, they are going do meet saturday interest sunday and the news could come sunday, maybe sunday night, into monday but there is also a chance they will come out of the talks and not have a deal. we had the gang of six and biden group and nothing worked, and it would be the exception to the rule to get a dole.
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-- deal. >> and huckabee will be on 6:00 she on fox business network with more on that story ahead. ananan] this...is the network.
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>> we have found the union officials waiting if our break room and they have followed to and from our vehicles and some even to our homes. >> that is my guest testifying at a hearing on the government labor board plan to speed up union elections. he was successful if stopping the uaw from entering his indiana plant but says that the
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nlrb rule could slam the brakes on others doing the same. and larry is joining us now. larry, how did that hearing go today in terms of being able to convince the folks that this is not a good deal for labor in general moving forward? >>guest: good morning, chris. i thought the hearing went very well. hopefully we get our point across that the union the way they do their strategy to be recognized as a bargaining committee is not working and the new laws will increase that ability to do that. >> what is the reasoning given by the nlrb to increase the pace? >>guest: they say it is for efficiency standpoint. >> efficiency? why? this is a major step for any plant to take in any group of workers so why would it make sense to do it in a week or two
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weeks on posed to a month or two? >>guest: that is the point. something this major in the decision of a worker affects their whole life and lively hood, supporting their family, and to hurry this process up does not make any sense whatever. more time would, but not less. >> you, the workers themselves, you had to uncover some of the, whether it was lies friended by the uaw yourself and you could not get the company to help you because of a certain rule that is in place there, right? >>guest: correct. the company had a neutrality agreement and they could in the come out and say anything against the union. nothing negative. we had to do the research and cover that. >> do all companies have that neutrality agreement so they have to step back and say if you want to investigate if this is right for you as a worker you have to do it on your own? >>guest: as far as i know
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anyone who signs this, any corporation who signs this you have to follow that process. >> there was intimidation involved here according to your testimony this morning? >>guest: correct. they went to a lady's home even and made home phone calls part, giving out personal information, where people live and phone numbers and making promises they cannot keep. >> have you been intimidated in anyway because you are stepping forward either this among or on this show? >>guest: next, i was lied to because they told me i had to sign the card, they said i had to could that because they had 50 percent they needed to become a bargaining unit and i had to sign that and i didn't. if i had more information i would have been aware of that and in the signed the card. >> when you testified you were in front of the house committee in education in the workforce. what is the next step with the
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nlrb and officials in the united states to put this into place? >>guest: well i am not sure. >> thank you for joining us. ahead of tomorrow's big jobs report the white house playing done the significance of jobs on the president's re-election bid. white house senior advisor quoted as saying people won't vote based on the unemployment rate. that statement in a minute but the editor and chief of u.s. world and news report. it is true that the current 9.1 percent unemployment rate does not tell the whole story and it could mean a problem for joe taxpayer on the street but it part of a bigger story? >>guest: no president has ever been re-elected in the employment rate exceeded 7.2 percent not in our history and this is 9.1 percent but that undoes not measure the real
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unemployment because it only measures people who allied for a job in the last four weeks. we had average unemployment of 40 weeks so people does not apply every four weeks but you measure it according to people who have applied in the last six months you are involved in something different. the unemployment there is 16 percent if you include people who work part time who want to work full time and another 3.5 million discouraged workers putting the real unemployment rate at 18 percent or double what the 9.1 percent is. if you think people will not vote based on, that every family will consider that when they vote and every person who knows somebody who is unemployed will consider it, the most significant indicators whether people feel the economy is working for them or against them. >> what he was getting at is that if that number is 18 percent, of unemployed, underemployed and those who is given up looking, that means there are 82 percent of the
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population that sell employed and maybe you did not know someone at church or your neighbor at grocery store. >>guest: when you have that number of people unemployed everybody knows the job market is terrible. and people are staying in jobs they don't want, labor mobility is reduced, labor anticipation and optimism is reduced and it affects everyone's view of how well the economy is going and that is critical. by the way it affects what people do in terms of shopping so it affect the consumer confidence which is at a record low. in the recesses sin the end of world war ii, just to give a number, the consumer confidence averaged 73 and the recession now it is at 57 so it will affect everything in the economy. >> and this is what the white house advisor said the average american does not view the economy through the monthly job
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numbers on g.d.p. or unemployment rate but they will vote on how do i feel about my own situation, do i believe the president makes decisions based on me and my family. so, look, things are so slowly coming out of this recession much more slowly than we have seen in the past. >>guest: we don't know that. the fact is, today we have fewer jobs if this economy than when president obama was first elected. i don't how you measure home prices going down, job market is terrible, consumer confidence is terrible and if they think this will not affect people voting good luck to them there are smarter politicians than that, this is a statement made to diminish the effect. >> a big part of the job loss is in manufacturing and those job loss could never come back. how do we change? >> of the people, we have over six million people who have been out of work for six months or
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longer and we have four million people what have been out of work for over a year and this is where you get into a situation called structural unemployment. so it becomes more difficult for them to get a job. we have do have just way to look at this unemployment. this country is net going do accept these kinds of unemployment numbers. infrastructure of a particular kind, and i believe infrastructure should be tolls, people play tolls so the users pay it and it will be an investment and in the additional investment. >> and a tax. >>guest: for users but not an addition to our national debt which we cannot afford. >> and government policy toward business right now? >>guest: that is another thing. logical be things that will be done, whether tax incentive to
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hire employees or the small business which are the major creator of jobs these people need the help. a way to help them is give them a special benefit for the number of people they employ when they start up a company. >> less than three hours this mexican man will be executed for the rain, slaying of this 16-year-old girl in texas. unless the supreme court steps in. the white house is hoping it does. how is that sitting with the state?
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>> 17 years ago a texas family lost their little daughter, at the hands of a mexican national.
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she was raped and her naked body left in the woods. the killer is scheduled to die in a texas death chamber and the last hope is with the supreme court. but the highest court in the land has yet to step in to stop the execution. and now, a fund -- a newspaper reporter in san antonio joins us on the phone. what dot parents have to say about the circumstances surrounding the case? >>reporter: they are not talking. that is a reason they gave me an interview that they would talk only about what she was like and how much they missed her. they didn't want to get involved in the politics. >> what is difficult for us in new york and for people around the country to understand how the people there in texas and in san antonio, how they feel about this. can you convey that to us? >>guest: well to speak for an
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entire city is over-the-top, but from the comments it falls down the same lines for or against the death penalty. buildly the sicks do not containing that, people are either for the death penalty or against it. >> this case is a matter of, the more we speak to, they feel it is about the safety of u.s. citizens abroad and how they will be treated if they run into trouble with the law opposed to this particular individual and that is where the greatest concern is even with george w. bush coming to the side of the white house and wanting the execution, is that the feeling you get? >>guest: that's, for those who support the military side and including those in the mexican government, they are saying the united states violated vienna
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convention by not informing the mexican nationals they could talk to the consulate. in term that could affect the way other countries treat americans abroad. that's their argument. >> are you at the site of the execution? (inaudible) an hour away. >> i understand the execution is set for 6:00 central time at 7:00 eastern time and right now nothing has changed. is that your understanding? >>guest: as far as i know that is still my understanding. the supreme court could make a ruling or governor perry could step in and give him a stay of 30 days. that is in his power. but the texas board of pardons has already recommended denying a stay. so perry has, his people said he will take their recommendation interest consideration. >> so perry, that is his last
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chance, then, right? >>guest: yes, the supreme court or governor perry. >> thank you, mitchell. and new the first district attorney in the county where the young girl was killed. if he was alerted to his route of counsel would the outcome be any different? >>guest: absolutely not. one court has looked at that issue and said there was no harm in the failure to notify him of his right to counsel, the mexican consulate. he has lived in this country since he was two years old. he didn't ask to speak to anyone from mexico, you can assume
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eee court of criminal appeals have looked at it and not a single supreme court has come back on any of the claims, there is in doubt that he committed this crime. >> why is the white house
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appealing to the supreme court? former president george w. bush chiming in. military leaders. judges around the country, as well, saying this execution needs to be stayed. >>guest: i don't presume to speak for the president but i can only assume that the president and the white house have to worry about the diplomatic aspects but the fact of the matter is, our job is to enforce texas law and it is congress' job do pass the laws and congress has not acted despite the request of the white house numerous times this case was delayed for more than a year to give congress the opportunity to act. congress those not to act. that is a clear signal to anyone that it is time for him to meet his date with justice. >> cliff, the execution is set for 2 1/2 hours from now, is there any indication that governor perry will step in? i have in the seen any indication? have you seen any indication he could prevent this from
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happening? >>guest: we have not seen any indication from the governor or supreme court that anything will happen. we anticipate the execution to go failure. >> will you be there tonight? >>guest: no, i will not. the prosecutor who tried the case will be this. >> thank you, cliff, from bexar county. well watch how the case played out over the next few hours and we will keep an hour on capitol hill where the debt debate is just now taking an interesting turn. as the president tries to get lawmakers to lift the debt ceiling one lawmakers wants do do the opposite. [ male announcer ] at nissan, we test the altima's durability
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>> lawmakers try to hammer out a way to raise debt ceiling and one has a plan to lower it. lower it. from more than $14 trillion to $13 trillion. the man behind the plan now, congressman paul brown from georgiawhen i was a kid there wa show called "soap," and burt would snap his fingers and it would disappear. i would love this ability, but don't you know that will never happen if this political
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environment. >>guest: the thing is, american people demand something different from congress. we are overextended. overspending. and now we have to start reducing the debt. it is critical. continuing this madness of raising the debt so government can spend more money is in the done well and we need to do something different so that is what the bill is designed to do. lower the debt ceiling to $13 trillion and congress can start the business of doing what families and businesses and state and local governments do and that is cut up the credit cards, reduce spending and start pay off the debt. it is critical if we are going to produce a stronger economy and jobs in the private sector. that is what my bill is written and will do when passed interest law. >> one thing we talk about is over the last 30 years we have been getting interest greater and greater and greater amount of debt.
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did we have to erase all of that in such a short period of time? can't we take a step not right direction, and have a longer term approach rather than before august 2nd making a complete 180? >>guest: i agree and my bill is significant to do that. it reduces federal debt by $1.3 trillion, and it does not start physical october -- until october 1 so we can start cutting spending. we are headed to an economic emergency on a high-speed train going 90 miles per hour toward an economic cliff. slowing it down to 75 miles per hour or speeding it up to 120, that will not prevent us from going off the cliff. we have to pay down the debt. we have to stop the spending. both parties are guilty. over the last decade we have raised the debt ceiling 16
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times. that hasn't worked out. we need to do something that is different. that is what my bill does. lower the debt ceiling to pay off the debt. >> are you giving up on revenues? whether tax increases? or closing loopholes? will you give up a little there? >>guest: the c.b.o. has said we don't have a problem with revenue. the problem is the amount of spending the federal government is doing. everything needs to be on the table. the president said he is going to look at everything. he offered $3 trillion to $4 trillion worth of cuts. let's make the cuts. it is critical for the future, economic future of this nation. we are taxing our job creators out of business. we have to leave dollars in the hands of those who create a strong economy. that is small business across the nation. raising taxes is not going to do anything but be a tax on jobs. we will have less jobs by
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raising taxes. if we do anything we need to lower taxes on small business. so they can create jobs. so they can buy inventory and create stronger economy. >> i think a lot of our viewers would agree and a lot of people on hill won't so we will not so we won't get anything done. congressman, good to chat with you. 401(k), forcing more americans into retirement accounts are designed to save them more money. so why are they saving less? now g.m. is giving if you car buyers free insurance? the problem is the word "free."
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>> the dalai lama on capitol hill and that is john boehner and nancy pelosi on the right. so, the debt talks are getting serious. we are bringing in the dalai lama. may not be able to find a debt ceiling but we will know the meaning life by end of the day. we will watch this, for sure. 401(k), no, they are not okay, a law passed in 2006 meant to increase retirementization is backfiring. analysis from the "wall street journal" shows this is causing people to save less. and now our reporter from the "wall street journal" is here to explain. i have seen studies that say because of inertia requiring people to start the 401(k) when they start a job is better than requiring in the. given a chance to opt out instead of opting in, and that
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has worked. >> that is the basis behind the law and what it did, there was great study looking at 20 million different retirement plans and on average the annual amount going into 401(k)s picked up but the problem is, the levels they contribute, they default, so 3 percent for most so that is well below what a lot of people would otherwise do voluntarily so if you started working and you decided to sign up for the 401(k) plan you would put 5 percent of your salary away but if you are assigned with this 3 percent which they use not only to get people to ease into signing up but because it is cheaper fore the cheneys if you start at 3 percent, that works against the plan, you start at 3 percent people less likely to increase so that is dragging down the average amount people are putting away.
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>> don't some plans have automatic bumps? is it after five years or however many years and it goes up? >> yes. some do. not enough. and some evidence shows that the ones that did do not make up for the loss that should have been put away. the lost compounding into the more you put away early the better in the long run. there is the worry, 1 percent or 2 percent may not sound like much but it adds up and a lot of people that it was found could be falling up to 15 percent to 20 percent short of what they otherwise could have or would have had at the end of their career. >> i remember the charts, you chart your first job from college and you put a dollar in for every paycheck you will be a millionaire but the problem is, we have ten year timeframe where the lost decade on wall street and i am still looking at my charts and i am saying wait,
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this is in the growing, how much did this play a role this people not putting as much in and over the last couple of years, pinching pennies here and there and my 401(k), why want to take a loan out but i will reduce my contribution to the lowest for now. >>guest: exactly, not only are we trying to encourage people to participate who otherwise are reluctant, why put any of it away if you want to spend it so get beyond that there are two other things working against us. the stock market, people are skeptical with so many reports of peoples thering money and you wonder if it is worth it. and people literally cannot afford to put that that extra amount they believe. they do in the want to increase from 3 percent to five percent and employers, the biggest hurdle for them to increase the 3 percent to 5 percent automatically, it is expensive for them to do so right now. >> anything on the table to say, wait, here is a way to fix this?
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or here is a way to go in? or just up to the individual to say personal responsibility you have to watch your retirement. >>guest: they could man date the company but it is just a remainder, a wake up call, get online, find the password to your account, and check it out. increase the amount because it makes a difference. >> great do see you, as always. first we bail them out, and, now, they are handing out free car insurance. g.m., are they setting up taxpayers to rescue them from another financial wreck?
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>> they gave him $50 billion rescue and now general motors is giving car buyers free auto
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insurance for a year. they say it will push up sales. but my gift says this should sound the alarm for taxpayers on the hook for billions in bailout. so, nothing is free here, is it? >>guest: let me get this straight. g.m. known as government motors will give away free car insurance? isn't anybody concept school about this? there isn't anything that's free. are right. now, we know the answer, the insurance companies are not paying for this, they do not fix wrecks for free so it is build into the price of the car or tacked on to the price and sent to the consumer so the consumer is buying insurance with an insurance company that accident no have choices on or the taxpayers are subsidizing so it is a financial gimmick, the same kind of sleight of hand that got this country in trouble and goes back to a subsidy culture. a bad idea when they are doing this with a company that is 32 percent owned by the american public. >> to that point, still, though,
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we and the viewers we don't know how to run a scar company can't we say if you think this will sell more cars and generate more business new or down the road, you know more about it than i do, okay, go ahead and do it. >>guest: do they know how to run a car company? the car business is a boom and bust industry and you have to be careful when you are the manufacturer because consumers are not always going to be there. the economy cycles. if you use gameers they attract buyers particularly tricking buyers into thinking they can afford something that they and not afford, forcing them to buy insurance from a particular carrier or buy a car for someone else, because when you opt out of the program you don't get the money back, you are buying the insurance whether you want it or not so if you don't want the insurance you are paying it for everybody else. again, it is sleight-of-hand. if they had more clarity on the program i would say, well, it
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makes sense. but they don't have clarity on it and it goes back to the subsidy culture. >> they are trying it in organize and washington and the greater concern is a last people in the audit to industry feel like we're in a bull market for the autos, during the recession people were not by new cars and now coming out of recession everyone will buy new cars and ford is reaching the benefits of that. so, why would you have do do anything to try and get people to by cars if they should buy them anyway? that might be the red flag. >>guest: this is true they selling a last cars overseas. business recovering. good news. why is taxpayer dollars to trick people into buying cars. they are not revealing the details on who is paying for this. i would not want to buy a car if i didn't know where the costs
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were, and who is paying for the insurance, and what company i was being forced to do business with. general motors is ifing the buyers to do business with the particular insurance company. >> and met life could be the winner of everybody in this whole thing. thank you. shoppers are buying low end and high end and everything in between and are not feeling low about unemployment and high food and gas prices. whether it was the gas, macy's, everybody reporting a good june. what do you think that means? all that's a great sigh, the first time we is seen that where everything from dollar tree with a new all time high to the high end in the united states meeting
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a high. so this tells me the luxury spenders are out, but, also, tells me the lower end consume is out there, spending. they is gone great the craze of the recession to now paying down debt and realizing, well, i have disposable income let's spend it. >> we had pull back if gas prices, everyone was worried, where will it go, it will be nonstop well have $4.50 a gallon and it slowed down. how much of an impact was that? >> a huge impact. they lock at gas prices as something very important but it may not be a big portion of what they spend but it is more of their perception. the perception is if gas prices fall i can go buy the center shirt for my children or another pair of jeans. you have both the high end and the low end, and with gasoline prices pulling back a little bit it are peoples sales that much more. >> what does it say of the jobs
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number we will get tomorrow? we expect 91,000 additions to employment roles tomorrow and that is not a lot. that is not a great jobs picture, with the housing crisis still in terrible shape and yet people are spending. >> it tells me the consumer is not looking at the headlines or the fact we have 9.1 percent unemployment, or looking at greece or portugal or the debt ceiling, they are looking beyond that and realizing, this is the american way. we have extra income we are spending it and this is great headed back to back to school season, because june is not buildly a go month and we are 5.9 percent today tells me as long as gasoline does not surge we will have a great end of the year and retailers from top-to-bottom will bring in the profits. >> i saw you looking at the sweater in the window behind you, check it out. if republican presidential candidates are nervous on the
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debt talks. should they be? stay tuned. . [ male announcer ] this...is the network --
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all right. this just in. president obama will meet privately with nancy pelosi tomorrow after she says that social security should be off table. reaction one hour from now with mike huckabee, debt commission cochair alan simpson on fbn. by the way, that meeting was already scheduled before this meeting today with the big group that included pelosi was scheduled as well. not a surprise, but something to keep an eye on. at 7:00, i'll be filling in for lou dobbs. what compromises are democrats and republicans willing to make to strike a deal on the debt ceiling? i'll try to get some answers with democratic congressman peter welch of vermont and republan diane black of tennessee. so we'll get both sides. hopefully we'll get some answers. you know both sides have been so entrenched, maybe more entrenched i